₹5 crore penalty on Airtel Payments Bank By RBI

Reserve Bank of India (RBI) has imposed Rs 5 crore penalty on Airtel Payments Bank for non violation of Know Your Customer (KYC) norms. Earlier based on the media reports RBI had enquired the payment bank between November 20 and 22, 2017and found that bank had opened customer accounts without a clear/specific consent of the customers.

Airtel had opened the account of many customer without their consent and Aadhaar linked subsidies were credited in their payment bank’s account without their consent.

The central bank imposed a monetary penalty of Rs 40 lakh on State Bank of India (SBI) on March 1 for non-compliance of its directions on detection and impounding of counterfeit notes.

The RBI had also imposed monetary penalties on Axis Bank (Rs 30 million) for violation of non-performing asset classification norms and Indian Overseas Bank (Rs 20 million) for not complying with the KYC regulations, recently.